Monetary reform in the Soviet Union, 1947
The monetary reform in the Soviet Union of 1947 (known as the "postwar reform") was carried out during December 16–19, 1947. It was the second Soviet monetary reform. At the same time the post-World War II rationing system was discontinued. The reform was a combination of redenomination and confiscation, the latter depending on the amount exchanged and whether the monies were kept at sberkassa (soviet state bank) or not. Amounts under 3,000 Rbls in private bank accounts were not revalued while cash had to be exchanged 10:1 for new roubles. State bonds were exchanged as well, under more favourable to government (politburo) rules of denomination. The confiscative character was attributed to large amounts of counterfeit money produced by Nazi Germany, as well as to the desire to devalue the savings of the profiteers and enrich the government.[1]
Long before the reform was actually announced Soviet Union citizens started to break up their savings or withdrawing their moneys entirely from sberkasses to convert them to tangible valuables.[citation needed]
References
- ^ "Денежные реформы в СССР 1922—1924 годов и 1947" [Monetary reforms in the USSR of 1922-1924 and 1947]. 6 (in Russian). Финансовый менеджмент magazine. 2001. Archived from the original on January 9, 2019. Retrieved April 19, 2023.
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